| Schedule Of Segment Reporting Information, By Segment |
Selected results of operations for the three and six months ended June 30, 2014 and 2013 and selected asset information as of June 30, 2014 and December 31, 2013 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation: (dollars in thousands)
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Real Estate
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Commercial
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Multi-family
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Corporate
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Total
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& Other
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Multi-family
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Services
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& Other (d)
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Company
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Total revenues:
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Three months ended:
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June 30, 2014
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$
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150,877
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$
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6,329
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$
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7,403
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(e)
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$
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(4,309)
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$
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160,300
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June 30, 2013
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155,249
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3,655
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6,394
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(f)
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3,048
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168,346
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Six months ended:
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June 30, 2014
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311,450
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12,132
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14,351
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(g)
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(8,037)
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329,896
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June 30, 2013
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313,897
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4,937
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11,878
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(h)
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8,547
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339,259
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Total operating and
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interest expenses (a):
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Three months ended:
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June 30, 2014
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$
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72,303
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$
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3,006
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$
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8,382
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$
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29,578
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$
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113,269
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June 30, 2013
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65,889
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1,568
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7,657
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38,888
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114,002
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Six months ended:
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June 30, 2014
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159,236
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5,705
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18,541
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70,791
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254,273
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June 30, 2013
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136,282
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2,104
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15,132
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78,343
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231,861
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Equity in earnings (loss) of
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unconsolidated joint ventures:
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Three months ended:
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June 30, 2014
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$
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1,829
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$
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(2,255)
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$
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869
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$
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-
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$
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443
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June 30, 2013
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2,845
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(2,925)
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-
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-
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(80)
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Six months ended:
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June 30, 2014
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2,817
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(4,478)
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869
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-
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(792)
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June 30, 2013
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3,230
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(5,060)
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-
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-
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(1,830)
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Net operating income (loss) (b):
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Three months ended:
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June 30, 2014
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$
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80,403
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$
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1,068
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$
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(110)
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$
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(33,887)
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$
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47,474
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June 30, 2013
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92,205
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(838)
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(1,263)
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(35,840)
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54,264
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Six months ended:
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June 30, 2014
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155,031
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1,949
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(3,321)
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(78,828)
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74,831
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June 30, 2013
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180,845
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(2,227)
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(3,254)
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(69,796)
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105,568
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Total assets:
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June 30, 2014
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$
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3,796,166
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$
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398,190
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$
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9,004
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$
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151,412
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$
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4,354,772
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December 31, 2013
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3,886,574
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377,237
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10,488
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241,029
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4,515,328
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Total long-lived assets (c):
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June 30, 2014
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$
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3,421,351
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$
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277,734
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$
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3,923
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$
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3,479
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$
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3,706,487
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December 31, 2013
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3,620,494
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240,501
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3,468
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3,730
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3,868,193
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Total investments in
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unconsolidated joint ventures:
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June 30, 2014
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$
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116,829
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$
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148,286
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$
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751
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$
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-
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$
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265,866
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December 31, 2013
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53,160
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127,276
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693
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-
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181,129
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(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative and interest expense (net of interest income). All interest expense, net of interest income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.
(b)Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.
(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill.
(d)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals.
(e)Includes $935 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation.
(f)Includes $571 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation.
(g)Includes $1,800 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation.
(h)Includes $767 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation.
The following schedule reconciles net operating income to net income available to common shareholders: (dollars in thousands)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2014
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2013
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2014
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2013
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Net operating income
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$
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47,474
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$
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54,264
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$
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74,831
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$
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105,568
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Less:
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Depreciation and amortization
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(44,711)
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(45,665)
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(89,696)
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(89,013)
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Realized gains and unrealized losses on disposition of
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rental property, net
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54,584
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-
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54,584
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-
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Income from continuing operations
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57,347
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8,599
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39,719
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16,555
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Discontinued operations:
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Income from discontinued operations
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-
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4,530
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-
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9,663
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Loss from early extinguishment of debt
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-
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(703)
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-
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(703)
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Realized gains and unrealized losses on disposition of
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rental property, net
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-
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13,758
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-
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13,758
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Total discontinued operations
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-
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17,585
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-
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22,718
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Net income
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57,347
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26,184
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39,719
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39,273
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Noncontrolling interest in consolidated joint ventures
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290
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62
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612
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124
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Noncontrolling interest in Operating Partnership
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(6,514)
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(1,048)
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(4,506)
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(2,021)
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Noncontrolling interest in discontinued operations
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-
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(2,127)
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-
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(2,749)
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Net income available to common shareholders
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$
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51,123
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$
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23,071
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$
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35,825
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$
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34,627
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